Marriott International Swings to a Reported Net Loss in Third Quarter 2011

Marriott Washington Marquis will become the official hotel of the Washington, D.C. Convention Center

Marriott International (NYSE:MAR) which has its headquarters in Bethesda, released its third quarter 2011 results ended September 9, 2011. While the hotel giant increased revenues the company swung to a reported net loss.

Marriott was able to increase its revenues for the third quarter 2011 to $2.87 Billion compared to $2.65 Billion in the same time last year.

Net income turned into a net loss of $179 Million or $-0.52 cents per basic and diluted share compared to a profit in the third quarter 2010 of $83 Million or $0.23 cents per basic share and $0.22 per diluted share.

The net loss was partly due to $324 Million pretax of impairment charges related to its timeshare segment.

Marriott is in the process of spinning off its timeshare business into a publicly traded company of its own.

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